The health insurance market is dynamic. Various changes take place continuously in a bid to improve the health insurance products offered to the public. The Insurance Regulatory and Development Authority of India (IRDAI) tries to make health insurance products more customer-friendly so that policyholders can enjoy better benefits. For instance, a few years ago IRDAI mandated lifelong renewal in health insurance plans. This allowed individuals to enjoy coverage without any cover ceasing age and health plans became more popular. Similarly, recently, IRDAI came up with the proposition of making some exclusions a part of the coverage. Do you know about it?
IRDAI has set up a working group. The purpose of the group is to examine the current list of exclusions which are included in a health insurance plan. The group aims to rationalize the exclusions and seeks to include some exclusions in the coverage of a health insurance plan. The main reason for extending the coverage of health insurance plans is the change in the modern lifestyle and the availability of new modern treatments. While earlier there were no treatments for certain exclusions, today, treatments have become available and common. For instance, bariatric surgery, which was earlier excluded from most health plans, is now being included in the coverage of many new plans. The group also wants to standardize the exclusion list so that a uniform list is followed by all health insurance companies.
What will your customers get?
When the working group formed by the IRDAI rationalizes the exclusions and proposes its findings, your customers would benefit in the following ways:
- The number of exclusions in the health insurance policy would decrease. This would make the cover more comprehensive. Your customers can, therefore, enjoy coverage for the common treatments which are usually excluded from their health plans.
- Since the exclusion list would be standardized, your customers would have no ambiguity in understanding the exclusions applicable in their health insurance plans. This would greatly help in reducing the number of customer grievances.
- Your customers’ out-of-pocket expenses would decrease and they would find medical treatments more affordable because of the coverage provided by their health plan.
- Your customers can avail better healthcare facilities knowing that the underlying costs would be covered by their health insurance plan.
What’s in it for you?
Your customers would, without a doubt, benefit from the increased coverage scope of health insurance plans if the group is successful in making changes in the exclusions list. But what is your advantage?
Well, if your customers are happy so you should as well. Here are the benefits which the increased coverage would allow you –
- It would help in increasing health insurance penetration. A higher penetration means more business for you. More business means improved earnings. You can pitch health plans easily as their scope of coverage improves and your customers would buy the plan without much hesitation.
- As customer grievances would reduce, they would develop more trust in you and the health insurance product as a whole. You would, therefore, find it easy to sell health plans among your clientele.
What changes would the group recommend in health insurance plans is not yet known. However, when the changes take place, the coverage would increase. You and your customers would both benefit from the increased coverage. Your customers would find the health plans attractive and you can increase your earning. A win-win situation for both, isn’t it?
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